Signa Holding has sold its Central European network of kika furniture stores to XXXLutz, affecting all 22 of the stores it operates in the Czech Republic, Slovakia, Romania and Hungary. Proceeds from the deal, which was signed at the end of April, will be put back into Signa’s chain of kika/Leiner stores in Austria, the company’s home market.
“As a long-standing Austrian company, securing kika/Leiner’s future for the long term in Austria and regaining a sustainable outlook was important to us from the very outset,” wrote CEO Christoph Stadlhuber in a press release. “Signa has invested a triple-digit million figure in the Austrian core business and the modernisation programme is progressing extremely well. We have now taken the next step and are focusing even more on our home market.” Signa acquired kika/Leiner nearly a year ago for €490m. Set up by the Austrian businessman René Benko, the Signa Group manages five independent retail platforms: Signa Premium, Signa Department Store Group, Signa Home & Lifestyle, Signa Food & Restaurants and Signa Sports United.
